On behalf of Board of Directors, I take great pleasure in presenting the 63^rd annual report of your Company, together with the auditors'
report and financial statements for the year ended on 31^st March, 2025.

(1) FINANCIAL AND PHYSICAL PERFORMANCE

(A) Key financials

Financial results of FY 2024-25 and of the previous year are highlighted below.

H in crore

Key financial ratios

F.Y. 2024-25 has been another year of record breaking
performance for your company. MOIL has achieved highest
ever production and sales of Manganese ore, and also
the record turnover in FY 2024-25. Your Company has
recorded total income of H 1696.32 crore during FY 2024¬
25 registering 10% growth as compared to H 1542.96 crore
in the previous year. During the year, MOIL has achieved
profit before tax (PBT) of H 486.76 crores and profit after tax
(PAT) of H 381.64 crores, registering an impressive growth
of 26% and 30% respectively, on account of increase in net
sale realisation (NSR) by about 3.56% and also increase in
sales quantity.

As per the Investment Policy approved by the Board, your
Company has deployed surplus funds in fixed deposits and
mutual funds. The Company has earned interest income of
H 70.94 crore (previous year H 62.21 crore) on fixed deposit
and profit of H 9.37 crore (previous year H 8.56 crore) on
redemption of mutual funds.

(B) Dividend

MOIL is a dividend paying company since many years.
Continuing the same during the year 2024-25, an interim
dividend @ 40.20%, i.e., H 4.02 per equity share has been
paid in March, 2025. The Board of Directors of your company
has further recommended a final dividend @ 16.10%, i.e.,
H 1.61 per equity share for the year. The total dividend for
the year 2024-25, thus, works out to H 5.63 per equity share
(previous year H 6.05). Total dividend outlay for the year is
H 114.56 crore (previous year H 123.11 crore). The dividend
for the year 2024-25 is in line with the Department of
Investment and Public Assets Management (DIPAM)
guidelines. The Company is having a dividend distribution
policy which is available on company's web link https://moil.
nic.in/userfiles/Dividend Policy MOIL.pdf

(C) Sales:

FY 2024-25 has been one of the best years of sales
performance in the history of MOIL, as it has achieved
highest-ever turnover of H 1584.94 crores. Total turnover
of the company in FY'25 registered a notable growth of 9%
over previous year's turnover of H 1449.42 crore, despite
pressure in Manganese ore prices. In order to maintain parity
with the imported ore prices, MOIL continued reviewing
the prices on monthly basis. During the year, the average
sales realisation has increased from H 8,849 per MT to H
9,164 per MT (higher by 3.56%). With prudent marketing
and pricing policy, the company has been able to achieve
its best ever sales of 15.87 lakh tonnes in FY'25 registering
growth of 3% from 15.36 lakh MT in FY'24.

The company also produces Electrolytic manganese di-oxide
(EMD) and Ferro manganese (FeMn). The demand of EMD
from the battery sector was not encouraging in FY 2024-25
which resulted in reduction of sales of EMD from 937 MT in

FY 2023-24 to 737 MT in FY 2024-25. However, the sales
of Ferro Manganese have significantly increased by 54% to
12,942 MT in the year 2024-25 in comparison to 8,385 MT
in last year. This growth in sales of FeMn was driven by rise
in demand from the Steel and Ferro Alloys industry.

(D) Production and productivity

Your company has achieved highest ever production of
manganese ore since its inception at 18.03 lakhs tonnes,
2.67% higher than FY' 24. Output per man shift (OMS)
at 1.533 MT (previous year 1.428 MT) has improved
significantly during the year. Average annual productivity
per manpower during FY 2024-25 was 343 MT (previous
year 316 MT). MOIL achieved best ever production of
Electrolytic Manganese Dioxide (EMD) at 1,350 MT
during the FY 2024-25 and that of ferro manganese of
12,000 MT as against 10,163 MT in the previous year,

i.e., higher by 18%.

(E) Closing stock

Closing stock of manganese ore as on 31.03.2025 stood at
5.43 lakh MT having value of H 217.84 crore as compared
to 3.58 lakh MT valued at H 145.21 crore as on 31.03.2024.
The closing stock of ferro manganese was 1548 MT valued
at H 8.01 crore as on 31.03.2025 as against 2490 MT valued
at H 14.51 crore as on 31.03.2024. Similarly, closing stock
of EMD as on 31.03.2025 was 1133 MT (previous year 520
MT) valued at H 17.03 crore (previous year H 8.08 crore).

(2) CAPEX, CAPITAL / VALUE ADDITION /
DIVERSIFICATION PROJECTS

MOIL is the largest manganese ore producer in India. In order
to meet the future requirement and maintain leadership in
the industry, MOIL has planned to enhance its production to

3.50 million MT by 2030, for which a strategic management
plan is already in place. In this direction, your company has
planned investments for development of existing mines,
acquisition of new mines within and outside the country,
acquisition of areas adjoining the mines, setting up value
addition/ diversification projects, etc. Some of the projects
have already started and some are in progress.

MOIL is prioritizing the expansion and modernization
of its mines to sustain production and to attain capacity
enhancement. Sinking of second vertical shafts has already
been completed at the Chikla, Ukwa, and Munsar Mines.
Upcoming plans include sinking a 505 mtr. deep Production
Shaft and two ventilation shafts (250 mtr. and 260 mtr.
deep) at the Dongri Buzurg Mine, as well as a 425 mtr.
deep second vertical shaft at the Kandri Mine and 408
mtr. third vertical shaft at Chikla mine. Both shafts will be
equipped with cage and skip hoisting systems with friction
winders. These shafts will support sustained and enhanced
manganese ore production from deeper levels.

During FY 2024-25, environment clearances (EC) have
been granted in respect of 43.353 Ha area in Sitapatore
and 83.06 Ha in Kandri. Thus, during the year, MOIL
received environment clearance of total 1,90,000 Tons per
annum (TPA). With this, total EC capacity of MOIL as on
31.03.2025 stands at 26,78,792 TPA.

MOIL in collaboration with Gujarat Mineral Development
Corporation Limited (GMDC), a Gujarat State enterprise,
explored the possibility of mining of manganese ore in
the Pani area of Gujarat and exploration results indicate
availability of manganese ore and quantum of about

9.51 million MT. Now, MOIL is in the process of signing
Joint Venture (JV) agreement with GMDC in terms of the
MoU. The JV formation is a bit slow on account of some
procedural requirement at their end.

MOIL has signed tripartite MoU with the Govt. of Madhya
Pradesh and Madhya Pradesh State Mining Corporation
Limited (MPSMCL) to explore the possibilities of manganese
ore in four districts, i.e., Balaghat, Jabalpur, Jhabua and
Chhindwara. Govt. of Madhya Pradesh has reserved 487
Sq. Km. and 850 Sq. Km. areas in Chhindwara and Balaghat
district respectively, to carry out exploration work. MOIL
has successfully completed exploration core drilling in
both districts and two blocks were identified as suitable
for mining. Draft Joint Venture was signed and Mining
Resource Department, Government of Madhya Pradesh
also approved the draft of Joint Venture Agreement
between MOIL and MPSMCL in the month of May, 2025.
Preparation of TEFR is under process.

The above projects/new leases will help MOIL in marching
ahead towards its ambitious vision of almost tripling its
production to 3.50 million MT by 2030.

(A) Capex

The company's Capex plans include investments in vertical
shaft sinking and deepening projects, development of new
mining leases and areas, regular additions/modifications/
replacements of fixed assets, as well as research and
development initiatives. During the financial year 2024-25,
the company recorded its highest-ever Capex utilization at
H 321.94 crore, compared to H 316.09 crore in the previous
year. Considering on-going and upcoming projects, the Capex
target for 2025-26 has been set at H 325 crore.

(B) Mine Expansion Projects
Projects under implementation

(a) Sinking of large dia. high speed vertical shaft of
750 Mtrs. Depth (revised depth 660 Mtrs.) at
Balaghat Mine.

(b) Sinking of large dia. high speed vertical shaft of 330
Mtrs. depth at Gumgaon Mine.

High speed shaft sinking projects were conceptualised
to enhance the production of Gumgaon and Balaghat
mine from 1,50,000 MT to 3,50,000 MT and from
3,00,000 lakh MT to 8,00,000 MT respectively. The
projects have been affected due to different reasons
such as Covid pandemic, disruption of supply chain,
heavy in-rush of water particular in Balaghat shaft,
visa issues, etc., which are beyond the control of the
company. Due to delay in projects completion on
account of these reasons, the enhancement in the
production has also been delayed for the affected
period. The Company has taken all possible measures
to complete these projects at the earliest.

The high-speed shaft projects at the Balaghat and
Gumgaon mines are progressing. Shaft sinking with
lining and equipping have been completed, and the
assembly and erection of the permanent headgear are
currently underway at both sites.

(C) Acquisition of mines in and outside the Country

In line with strategic management plan of the Company,
there are plans to have strategic alliances coupled with off¬
take agreements with manganese ore producers abroad.
The company has empanelled consultants/advisors to
identify assets in and outside the country. The company has
received some proposals and examination of the same is in
process for their feasibility and viability.

(3) RESEARCH AND DEVELOPMENT (R&D)

Your Company operates seven underground and three
opencast mines in narrow manganese ore body having
varying dip directions with difficult geo-mining conditions
associated with poor rock-mass quality of wall rocks. The
company has expertise in Manganese ore mining from “Mine
to Mill operations” and engaged in exploration, exploitation
and marketing of various grades of manganese ore and
value-added products such as Electrolytic Manganese
Dioxide (EMD) and High Carbon Ferro Manganese Alloy.

Research and Development (R&D) activities are undertaken
in order to improve the safety and productivity of
the mines. In order to do so, MOIL has engaged with
following Institutions having expertise in this field to aid
in this process;

1. CSIR-Central Institute of Mining & Fuel Research
(CIMFR), Nagpur and Dhanbad

2. Visvesaraya National Institute of Technology
(VNIT), Nagpur

3. Texmin ISM Dhanbad

4. Indian Institute of Technology (IIT), Banaras Hindu
University.

5. National Institute of Rock Mechanics (NIRM) KGF,
Bangalore.

These R & D projects are on their way to help introduce
modern mining technologies along with changes in stope
designs of MOIL.

The continuous use of software, modern technologies,
industry-academic collaborations and the R&D efforts
have shown improvements in safety, productivity and
environmental parameters in mining operations. It has also
improved the 'mine to mill' expertise of the company in
manganese ore deposits.

(4) MINERAL EXPLORATION & MINING LEASE

Search for Manganese deposits and subsequent mining is one
of the most promising initiatives by MOIL. This year, MOIL
recorded highest ever exploration since inception and has stolen
all the spotlight as tremendous increase in exploration meterage
in-side and out-side Mining Leases of MOIL. The exploration has
been completed in the state of Madhya Pradesh in order to this
the two blocks Bhudkum Block of Chhindwara district and Selwa
Block of Balaghat district are seems to be positive on the basis of
exploration. This will facilitate opening of new manganese mines
and thereby, enhance the production. During the financial year
2024-25, MOIL has completed 107530 mtrs. of exploratory
drilling within and outside lease hold area, resulting addition of
16.07 million tons of resources. Total reserves and resources
as on 31.03.2025 stand at 121.97 Million MT which includes
53.47 Million MT reserves and 68.50 Million MT resources.

MOIL is having total 1940.725 Ha. lease area as on
31.03.2025 in Maharashtra and Madhya Pradesh.

1. Details of exploration and resource added over last five
years are as under:

As more and more resources and reserves are being added,
the Manganese production and in turn Steel production is
bound to increase, hence increasing Steel Utilization.

2. MoU with other States: MOIL is expanding into other states
by signing Memorandum of Understanding with State
government so as to acquire more area for exploration of
possibilities of Manganese Mining. MoUs have already been
signed with Gujarat, Madhya Pradesh, Chhattisgarh, and
discussions with Maharashtra are underway and with the
other States also.

3. Joint Venture: Formation of Joint venture between MOIL
and GMDC is under process for the mining of Mn ore in the
Pani area of Gujarat. Similarly, formation of Joint venture is
in process between MOIL and MPSMCL for mining of Mn
ore in the state of Madhya Pradesh.

R&D EXPENDITURE

MOIL has spent ^ 24.92 crores on R&D activities in 2024-25,

details of which are given in Annexure - I.

(5) CONSERVATION OF ENERGY(INCLUDING NON¬
CONVENTIONAL ENERGY), ENVIRONMENTAL
PROTECTION AND SAFETY & HEALTH

(A) Energy conservation

Your company is committed to conserve energy by using
energy resources in more responsible manner and practice
energy efficiency throughout all its operational areas
and equipment. In this direction, various energy saving
projects has been implemented at different locations of
the company. Energy saving being achieved by use of new

technology, energy efficient equipment, reducing electricity
consumption by proper monitoring and avoiding wastages.
Measures taken for reduction in energy consumption and
the future plans to this effect are as under.

(1) A solar power plant of 5.00 MW has been installed
at MOIL's Munsar Mine in Nagpur district of
Maharashtra State.

(2) Solar power plants of 4.50 MW and 0.96 MW have
been installed in Balaghat district of Madhya Pradesh.

(3) Installation and commissioning of 476 KW ground
mounted Solar Plant for residential connections at
various mines has been completed.

(4) 4 x 10 KW Solar Plant has been installed at residential
locations of Company at Nagpur.

(5) Active harmonic filters, Automatic Power Factor
Control (APFC) Panels and fixed capacitor banks has
been installed at all Mines to improve power factor
and reduce harmonics in power system.

(6) Energy audit at all mines and plants has been done.

Electricity consumption per MT of production for mines/
plants of the Company is as under.

By adopting various energy saving measures, specific
electricity consumption for Mines and Plants has been
reduced in the year 2024-25 as compared to previous year.

Details regarding conservation of energy have been given
in Annexure -I.

(B) 132KV EHT Double circuit double string Transmission line

Construction of EHT transmission line is on the verge
of completion and expected to be completed very soon.
This will take care of electrical demand of existing as well
as future expansion and beneficial for captive use (Solar/
Wind) through Open Access. This will also mitigate voltage
regulation and power interruption.

(C) 132/33KV Sub Station

Construction of 132/33KV substation at Balaghat Mine will
serve the purpose of quality, stable and reliable electrical
energy for mining utility. The substation is expected to be
completed very soon.

(D) Wind and Solar power generation

To generate and promote clean and green energy, MOIL
has commissioned wind farms of 4.8 MW and 15.2 MW
situated at Nagda Hills and Ratedi Hills respectively in
Dewas district near Indore (Madhya Pradesh) during the
year 2006 to 2008. MOIL has a long term power purchase
and wheeling agreement with distribution Company and
Power Management Company of the Government of
Madhya Pradesh, for adjustment of captive generation from
4.8 MW plant. The units generated through wind farm are
being adjusted in electricity bills of Balaghat mine and Ferro
manganese plant. Power generation from 15.2 MW plant
is sold to utility, i.e., Madhya Pradesh Power Management
Company Limited. During 2024-25, wind power generated
was 251.25 lakh kWh as against 283.95 lakh kWh in 2023-24.

Power generation from 5.0 MW capacity solar plant at
Maharashtra and 5.46 MW capacity solar plant at Madhya
Pradesh has been started in 2019. Total power generation
from these plants in 2024-25 was 102.25 lakh kWh against
121.03 lakh kWh in 2023-24. Power generation from the
solar plants, is adjusted in HT connections of company for
its mines at Maharashtra and Madhya Pradesh.

(E) Environmental protection and renewable energy

Ecology conservation is crucial in today's era. It is imperative
that the development process in a community is compatible
with its environment as well as with the particular culture of
that community. All the mines of MOIL including sand ghats
have got environment clearance from the MoEF & CC or
designated offices. Your company, with a goal of achieving
sustainable development, has taken proactive measures
to reduce global warming. Your company is conscious of
its responsibility towards environmental protection in and
around its leasehold areas. The cumulative plantation at
various mines as on 31.03.2025 is 22.66 lakhs saplings.

MOIL is attentive towards ecological restoration on barren
manganese soil dumps and rejuvenation of waste dumps

by following integrated biotechnological approach for
sustainable development and better environment at mines.

The Company has also ventured into generation of
electricity through wind mills and solar power plants for
clean and green energy.

F) Safety and occupational health

Your Company lays special emphasis to ensure safety in
the mines and plants. It also takes continuous efforts to
reduce accidents by constantly improving the standards
of safety equipment through introduction of latest mining
techniques and mechanization of mining operations.
Following steps have been taken to improve the safety
standards at the mines.

• Training and re-training of workers to inculcate
safety consciousness.

• Regular meetings of Safety Committees of MOIL
which meticulously review safety management plan of
the mine with a view to zero harm to the persons and
workers at mines.

• A close inter-action with employees at all levels to
prevent accidents to the maximum extent possible.
Standard Operating Procedures (SOPs) are prepared
for each operation at mines, plants etc. and provided
to all employees for their concerned jobs in the mines
and plants for their safe working.

• Apart from vocational and refresher training, specialized
training is imparted to all employees regularly.

• Training programs are organised on role of
safety in sustainable development, mining and
environmental laws.

• In the area of occupational health and management
system, MOIL had earlier obtained ISO 45001:2018
for Occupational Health and Safety Management
Systems (OHSAS), ISO 14001:2015 for Environmental
Management System (EMS), ISO 9001:2015 for
Quality Management System (QMS), SA 8000
for Social Accountability International Standard
Certificate and Certification in accordance with Global
Reporting Initiative (GRI) Standards for Sustainability
Report. Now, the Company is in the process of getting
fresh ISO 9001:2015, ISO 45001:2018 and ISO
14001:2015 certifications for all its mines and plants,
and ISO 9001: 2015 for Head Office.

• Risk assessment studies are conducted for all
underground/opencast mines and safety management
plan are reviewed by internal safety management
committee of the mine and outside experts.

• Putting in place a disaster management plan for mines,
plants, schools, hospitals and administrative offices.

• In addition to mines safety week celebrations,
Suraksha Pakhwada celebration at every mine during
the year were conducting for the safety awareness to
the workers at mines. Special training for every staff
and worker including contractual imparted according
to respective job at every mine.also provided
training for the use of fire extinguishers, first aid and
competitions, etc.

• Mock Drills are conducted at every mine for the
emergency preparedness, like fire, inundation,
accidents etc. in underground or opencast mines.

• To promote the women working at mines, First
Women Rescue team of MOIL has been formed with
rigorous training at Mines Rescue Station, Nagpur.

(6) VIGILANCE ACTIVITIES / EVENTS

The functioning of Vigilance Department includes
preventive vigilance other than punitive and participative
vigilance. The main thrust is on systems improvement in the
organization by issuing vigilance advisories for streamlining
and developing procedures in the area prone to Vigilance. In
MOIL, Vigilance Department has obtained ISO-9001:2015
certificate from the International Certification Services
Pvt. Ltd., Mumbai accredited by Joint Accreditation System
of Australia and New Zealand for Quality Management
System which is worldwide recognized by International
Accreditation Forum (IAF).

Important activities of the vigilance department during the
year 2024 are as under.

• Processed total 53 complaints including 05 complaints
referred by Ministry

• As an outcome of investigations relating to
complaints, study, inspection etc., 51 advisories and
suggestions were given to the management for system
improvement in the various areas.

• As per the instructions of CVC and Ministry of Steel,
3 structured meetings of vigilance department with
MOIL Management have been held during the year
2024 in which issues related to status of systemic
improvement advisories issued by Vigilance and other
agenda items were discussed.

• Review of Vigilance activities were done by
the MOIL's Board.

• Vigilance Awareness Week was observed from 28^th
October to 3^rd November, 2024 at all Mines/Offices
of MOIL in which various activities were done in
accordance with CVC guidelines with the theme
“Culture of Integrity for Nations Prosperity”.

• As per CVC guidelines Preventive Vigilance measures
were taken as precursor to VAW 2024 and a three-
month campaign (from 16^th Aug'24 to 15^th Nov.'24)
was organized in which Various activities have been
undertaken in MOIL.

• Conducted 14 training programs during the year on
procurement process, conduct rules, Cyber Security
and Ethics & Governance at the HO & Mines covering
total 437 employees.

• As required vide OM No. F. No. 28(1)/2016-Leg.I
dated 24.01.2018 details related to vigilance cases
disposed of and pending during the calendar year
2024 are as follows:

** All administrative cases were forwarded to the management to
deal at their end.

(7) HUMAN RESOURCE AND PERSONNEL

(A) Training programmes and skill development

Thrust has been given on training and development of
human resources in the Company resulting in a growth of
17% than previous years' training man-days in FY 2024-25.

During FY 2024-25, total 189 training programmes (internal
and external) were conducted for employees at Corporate
Training Centre, Nagpur, Centres of Excellence like Texmin,
IIT, XLRI, IIM, IMT etc. Total 4672 man-days of training were
imparted including 2451 man-days for executives.

MOIL has imparted training under Recognized Prior
Learning program (RPL), one of the programs under skill
development, to 439 MOIL regular employees and 179
contractual employees.

(B) Welfare schemes and facilities

MOIL is carrying out various welfare schemes like housing,
drinking water, electricity, hospital, health camps, schools,
home loans and interest subsidies on home loans, etc., for
the benefit of the employees as well as people residing in
the adjacent areas of mines which are situated in the remote
areas. Salient features of such schemes are as follows.

• For improvement of living standard and taking
into consideration of aspiration of the employees,
residential quarters have been constructed and
allotted to majority of the employees.

• Adequate supply of drinking water is being provided
to the employees residing in the mine colonies.

• Colonies and streets of the camps are well illuminated.
The employees have been provided with electricity for
their residence on concessional rate.

• Hospitals have been setup at all the mines maintained by
qualified doctors and supported by trained paramedical
staff. The arrangement of OPD as well as indoor ward
separately for male and female are provided. Ambulance
is also provided to all the hospitals for attending to
emergencies. Patients are also referred for medical
treatment to specialized hospitals as and when required.

• Scheme of post-retirement medical insurance for
retired employees in the company for extending the
medical facility to the separated employees.

• MOIL' s pension scheme, which is a defined
contribution scheme, is in operation in the company
since 1^st January, 2007.

• NPS is implemented for those who have opted to
switchover from MOIL's pension scheme to NPS.

• Assistance is extended for running primary schools at
some of the mines, where free education is imparted.
School buses are provided at all the mines.

• Reimbursement of tuition fees and scholarship

are being provided to meritorious students of

company employees.

• Scholarship scheme for meritorious students of

contractual workers.

• Reimbursement of tuition fees for children of staff
and the workers are provided for taking education in
professional courses.

• Free OPD facility at Mine hospitals for

contractual workers.

• Distribution of health kit containing Iron & Calcium
tablets amongst the female contractual workers and
also spouse of male contractual workers.

(C) Welfare measures taken for SC/ST

MOIL is a labour-intensive organization with 5250
employees on its rolls as on 31^st March, 2025. More than
73% of the total strength belongs to SC/ST/OBC (SC
18.21%, ST 23.49%, and OBC 31.33%). Your Company
is also taking keen interest in development of the tribal
population living in the vicinity of the mines situated in
remote areas by adopting following measures.

• Adopting villages near the mines and providing
drinking water facilities, road maintenance, periodical
medical check-ups and treatment to the people living
in these villages.

• Providing financial aid, stationery, books, etc., to
schools adjacent to the mining areas.

• Organizing training classes for self-employment.

(D) Empowerment of women

MOIL employs 822 women employees which constitute
15.66% of its total workforce of 5250 as on 31^st March, 2025.

In compliance with the directives of the Hon'ble Supreme
Court, guidelines relating to prevention of sexual harassment
of women at work place were issued by Govt. of India,
Ministry of Human Resources Development. Accordingly, a
Complaints Committee comprising of officials of MOIL and
an independent member has been formed in the company.

Mahila Mandals are working effectively at all the mines
of the Company. Various cultural, social, educative and
community activities such as adult education, blood
donation camps, eye camps, family planning, etc., are
being organized regularly, mostly for the benefit of women
residing in the remote mine areas.

Every year, 8^th March is celebrated as International Women
Day and various programs are organized to mark the day.
Company also grants maternity leave and special casual
leave for family planning.

As part of its CSR activities, self-help groups have been
created at the mines which comprise of women hailing from
the remote villages. They are trained to make candles, washing
powder, washing soaps, bamboo baskets, tailoring and various
other vocational activities in order to make them self-reliant.

(E) Disclosure requirements under The Prevention of
Sexual Harassment of Women at the Workplace
(Prevention, Prohibition and Redressal) Act, 2013

As per the provisions of the Sexual Harassment of Woman
at the Workplace (Prevention, Prohibition and Redressal)
Act, 2013, internal complaints committees have been set
up in the Company to deal with the cases received under
the Act. The names of the committee members have
been uploaded on Company's website: https://moil.nic.in/
.

The directives have been widely circulated to bring
awareness amongst the women workers. Details of
Compliant received under the Act, during F.Y. 2024-25
are as follows:

(a) number of complaints of sexual harassment received
in the year: Nil

(b) number of complaints disposed off during the year: Nil

(c) number of cases pending for more than ninety days: Nil

(F) Maternity benefit provided by the company under Maternity Benefit Act, 1961

The Company confirms that it has followed the Maternity Benefit Act, 1961. All eligible women employees received the required
benefits, including paid leave, continued salary and service, and post-maternity support like nursing breaks and flexible work options.

(G) Manpower

Manpower as on 31^st March, 2025 of the Company is given below:

The category-wise details of employees' strength as on 31.03.2025 are as under:

(H) Citizen’s charter and grievance redressal mechanism:

(a) Employees' grievances - MOIL has its own grievance
redressal procedure for executives as well as non¬
executive employees. The grievances of employees
are accordingly dealt with as per Rules.

(b) Public grievances - Any citizen can submit his grievance
through online Centralized Public Grievance Redressal
and Monitoring System (CPGRAMS). All grievance
officers have been apprised of the manner in which
the public grievances received are to be disposed of.
The system adopted for dealing with the grievances
of public was constituted on the basis of instructions
received from various authorities in the past.

(c) The redressal of grievance machinery in MOIL consists
of one grievance officer nominated for at each unit/
mine. The grievance officer nominated at head office
coordinates with the grievance officers at the units/
mines for their effective performance.

(d) Monthly/ quarterly grievances are reviewed and
dealt with by designated public grievance officers at
units/mines and head office and disposed of within
stipulated period of one month.

(e) The data related to grievances at the units/mines
are submitted by unit grievance officers in monthly/
quarterly returns to head office. The same are
examined and submitted to Ministry of Steel.

Status of public/staff grievances during FY 2024-25

(I) Progressive use of Hindi

• MOIL BHARTI magazine of MOIL has been awarded
'first' by Nagar Rajbhasha Kryanwyan Samiti Nagpur.

• Maximum correspondence (~97%) in MOIL including
its mines is done in Hindi. Unicode system has been
implemented in all the processors. The Company
has installed software related to Hindi in all the
computer systems.

• More than 55% of the amount earmarked for Rajbhasha
works was utilised on the purchase of books in Hindi.

• In order to encourage the provisions contained in the
Official Language Act, 1963, various types of Hindi
Competitions are held on Dr. Baba Saheb Ambedkar
Jayanti, Swachhta Campaign, Quami Ekta Diwas and
Vigilance Awareness Week.

• By conducting workshops and training, more and
more people are trained to work in Hindi.

• Workshop and Rajbhasha Seminars have been
organized to promote Hindi.

• Contributory fund is provided by MOIL for the
publication of the magazine Wainganga and
Rajbhasha Darpan published by the Nagar Rajbhasha
Karyanvayan Samiti Balaghat and Nagpur.

(J) Right to information

With the advent of the Right to Information Act, 2005 in
India, MOIL has taken major initiatives towards its effective
implementation.

MOIL has appointed CPIOs at head office and PIOs/APIOs
at all its mines. HoD (Personnel) at H.O. has been appointed/
designated as Appellate Authority under the Act. Names
of all PIOs/ APIOs and the appellate authorities have also
been hosted on Company's website: https://moil.nic.in/
content/117/RTI.

The information in respect of Company, its employees, etc.,
has been prepared under 17 heads as prescribed in Section
4(1) (b) of the RTI Act, and the same been hosted on the
Company's portal. MOIL has been submitting necessary
information and returns to the prescribed authorities and
updating the same regularly.

Awareness has been generated in order to make Company's
employees aware about the intention and true spirit of this
Act. Various provisions of the Act have been highlighted by
issue of circulars, maintaining transparency in day-to-day
work and maintain all the records in a proper/ systematic
manner. Further, the Company has also been hosting/
updating in Company's website as much information suo
motu at regular intervals for the public, so that public has
minimum requirement to use the various provisions under
the RTI Act to obtain information.

For the awareness of employees at large, seminars have
been organised to make them understand the importance of
RTI Act in the present scenario.

Status of applications and appeals received under RTI Act during the year under report are as under:

(K) Industrial relations

Industrial relations in MOIL continued to be cordial and peaceful during the year 2024-25. The conditions for better production
and productivity have been maintained in smooth way. Various committees have been constituted at mines and head office for
discussing various issues for smooth functioning of the organization and expeditious decisions for the settlement of grievances,
which have been functioning satisfactorily.

(L) Swachh Bharat Abhiyan

MOIL is taking active part in promoting and participating in Swachh Bharat Abhiyan (Clean India Campaign) on the call given by
Hon'ble Prime Minister for the biggest cleanliness mission of our country, a dream of Mahatma Gandhi “Swachh Bharat”.

As a part of Swachh Bharat Abhiyan, MOIL has celebrated
Swachhta Hi Seva Campaign during 2024-25 and also
observes Swachh Diwas (Cleanliness Day) on 1^st Wednesday
of every month. Apart from the Swachhta Pakhwada, the
company has also organised various activities like awareness
camps on health and hygiene by displaying banners, slogans
and posters in mines, housing colonies and nearby villages
in and around Mines. Also special attention amongst school
children is created through posters, slogans, Gandhian
ideology and philosophy and the importance of cleanliness.
As a part of promotion of Swachh Bharat Abhiyan, sewage
treatment plants, bio-septic tanks, conventional toilets
were constructed.

(M) Special Campaign for disposal of pending matters 4.0.

As per directives received from Ministry of Steel, Govt. of
India, special campaign for disposal of pending matters 4.0
has been organised at Head Office and all mines/ units.
The activities observed during the period at all mines
and offices include Liquidating pendency, cleanliness of
workplace, space management, record management, record
digitisation, scrap disposal and reducing compliance burden.

(8) CORPORATE SOCIAL RESPONSIBILITY (CSR)
AND SUSTAINABILITY:

As a responsible and conscientious corporate citizen, MOIL
Limited remains steadfast in its commitment to Corporate
Social Responsibility (CSR), with a focus on environmental
sustainability, ethical governance, and philanthropic
outreach. MOIL recognizes that CSR is not merely a
statutory obligation but an integral component of its
corporate philosophy-one that drives long-term, inclusive
development and aligns with national priorities.

Over the years, MOIL has consistently contributed
to a wide array of socially impactful projects across
healthcare, education, livelihood, skill development, women
empowerment, and community welfare. The company's CSR
strategy is centered on delivering holistic, meaningful, and
measurable benefits to underprivileged and marginalized
sections of society.

Key CSR Initiatives in FY 2024-25:

• Empowerment of Persons with Disabilities (Divyangjan):

MOIL has signed a Memorandum of Understanding
(MoU) with the Artificial Limb Manufacturing
Corporation of India (ALIMCO) to provide artificial
limbs and rehabilitation aids to differently-abled
individuals. The project spans five districts-Balaghat,
Bhandara, Nagpur, and Gadchiroli in Maharashtra, as
well as Chitrakoot in Uttar Pradesh. During FY 2024¬
25, total 1088 individuals were benefited. This program
has significantly improved mobility and self-reliance
among beneficiaries, contributing to a dignified life.

• Maternal and Child Health - Nandurbar District:
In collaboration with SPMESM, MOIL launched a
transformative maternal healthcare project in the
aspirational district of Nandurbar, Maharashtra. The
“Yaha Mogi” initiative offers doorstep ante-natal
healthcare services to pregnant women in remote
tribal areas using a network of trained health workers
equipped with point-of-care diagnostic devices and
the “Care Mother” mobile application. Around 800
pregnant women have benefited from this initiative,
leading to improved maternal and neonatal outcomes.

• Construction of patient ward for Community
Ophthalmology of SMM Eye Welfare Charitable
Trust, Nagpur.

• Promoting Menstrual Hygiene: Under its women-
centric initiatives, MOIL installed sanitary napkin
vending machines in 75 schools across Ramtek Tehsil,
fostering menstrual hygiene awareness and reducing
dropout rates among adolescent girls.

• Saksham Balika Yojna - Nursing Education Support: To
empower women through education, MOIL has been
sponsoring 15 girls from economically weaker sections
every year since 2019 for pursuing Bachelor's Degree in
Nursing and General Nursing & Midwifery at Apollo College
of Nursing, Hyderabad. The sponsorship continued in FY
2024-25, ensuring access to quality healthcare education
and career opportunities for young women.

• Strengthening Healthcare Infrastructure: MOIL

contributed significantly to improving healthcare
facilities in the region. The company supplied advanced
medical equipment to the Government Hospital
in Balaghat, including Blood Storage Refrigerator,
Computerized Radiography System, Radiant Heat
Warmer cum Phototherapy Unit & Labour Tables.
These upgrades have enhanced maternal and neonatal
care capacity in the district.

• Support for Public Administration:

MOIL provided a patrolling vehicle to the Minerals
Division under the District Collector's Office,
aiding in better on-ground surveillance and mineral
resource governance.

MOIL provided a Hearse Van along with Dead Body
Freezer to Khapa Municipal Corporation District Nagpur.

• Promoting Quality Education in Rural Areas:

MOIL, in partnership with DAV Group of Schools, runs
two CBSE-affiliated schools at Sitasaongi (Bhandara
District) and Ukwa (Balaghat District). These schools
feature modern infrastructure, including state-of-
the-art laboratories, libraries, and digital classrooms.
Additionally, MOIL supports two other schools—one
each in Maharashtra and Madhya Pradesh—under its
education and skill development program.

Further educational initiatives include:

• Provision of school benches to Prakash High School,
Kandri, enhancing basic infrastructure.

• Donation of a school bus to Tejaswini Vidyalaya,
Koradi (Nagpur), facilitating access to education for
students in remote areas.

• Installation of a Water ATM Machine at Government
Girls Higher Secondary School, Budhi (Balaghat
District) to provide safe drinking water.

• Community Development Initiatives:

Since 2014, MOIL has partnered with the BAIF Institute
for Sustainability and Livelihood Development (BISLD)
to implement community development programs
across 21 villages in Madhya Pradesh and Maharashtra.
Following the program's success, MOIL adopted 22
more villages in 2020, extending its reach to a total of
43 villages (for 3 years). In 2024-25, another 24 villages
have been identified for community development
programs by BAIF.

• Welfare of Contractual Workers and their families:
MOIL is deeply committed to uplifting the lives of its
contractual workforce. Notable initiatives include:

• Distribution of 6,000 health kits to the
spouses of contractual and female workers
across MOIL’s mines.

• MOIL Shiksha Protsahan Yojna, a financial
assistance scheme supporting the education of
meritorious children of contractual workers—
enabling academic excellence irrespective of
financial barriers.

• Medical Health Camps organized regularly
across operational areas to provide healthcare
access to neighbouring villages.

• PAN India CSR Projects: MOIL extends its social
commitment beyond its core areas of operation
through nationwide CSR initiatives that focus on
healthcare, rural infrastructure, and access to clean
water. Key undertakings include:

• Healthcare: Donation of an Ultrasound Machine
to the Health Centre in Tamboor, Sitapur District,
Uttar Pradesh, enhancing diagnostic capabilities.

• Rural Infrastructure Development: Construction
of Community Halls in Puri (Odisha) to foster
social interaction and community development.

• Rural Infrastructure Development: Installation
of 08 Nos Solar Street Light along with CCTV
Camera at different places along village road
line at Hasnabad Gram Panchayat, Hingalganj
Consistency, West Bengal.

• Clean Drinking Water: Installation of

• 4 Water ATM Vending Machines (500 LPH)
at Bangaon, West Bengal

• 20 Water Coolers at Chandoli and Varanasi
districts in Uttar Pradesh

A report on CSR activities as required under Companies Act,
2013 is attached as Annexure-II.

(9) DIRECTORS AND KMP

(A) Change in Directors and Key Managerial Personnel

(KMP)

During the year under review:

• Government of India appointed Shri Vinod Kumar
Tripathi, Jt. Secretary, Ministry of Steel, Govt. of India,
as a Govt. Nominee Director w.e.f. 18^th July, 2024 in
place of Dr. Sanjay Roy, Jt. Secretary, Ministry of Steel,
Govt. of India. Further, Govt. of India has appointed
Shri Ashwini Kumar, Economic Advisor, Ministry of
Steel as Govt. Nominee Director w.e.f. 11^th June, 2025
in place of Shri Vinod Kumar Tripathi.

• Government of India appointed Dr. Iqbal Singh

Chahal as Nominee Director of State Government of
Maharashtra w.e.f. 12^th Sept., 2024.

• CA Shri Dinesh Kumar Gupta and Shri Prashant

Vashishtha, Independent Directors ceased to be
Directors w.e.f. 1^st Nov., 2024

• Dr. Archana Majumdar, Independent Director ceased
to be Director w.e.f. 23^rd March, 2025.

• Government of India has re-appointed CA Shri

Dinesh Kumar Gupta as Independent Director w.e.f.
15^th April, 2025.

• Government of India has appointed Shri Kapil Kotecha
as Independent Director of Company on 03^rd July,
2025, however, effective from 07^th July, 2025 (i.e.,
the date of registration in database of Independent
Directors and allotment of DIN).

Pursuant to section 134(3)(q) read with rule (8)(5)(iii) of

Companies (Accounts) Rules, 2014 and section 203(1), the

Board has designated Chairman-cum-Managing Director

[Chief Executive Officer (CEO)], Director (Finance) [Chief
Finance Officer (CFO)] and Company Secretary as Key
Managerial Personnel. There is no change in KMPs during
the year 2024-25 as mentioned above.

(B) Declaration by Independent Directors

The Independent Director(s) have given declarations that
they meet the criteria of independence as laid down under
Section 149(6) of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
2015. In the opinion of the Board, the Independent Directors
possess the requisite expertise and experience and are the
persons of high integrity and repute. Independent Directors
namely CA Shri Dinesh Kumar Gupta, Shri Prashant
Vashishtha and Dr. Archana Majumdar, have passed the test
within the time limit provided under the Companies Act,
2013 and Rules made thereunder. They fulfil the conditions
specified in the Companies Act, 2013 and the Rules made
thereunder and are independent of the management.
Independent Directors are generally appointed for a period
of three years by Government of India.

(C) Appointment, performance evaluation and
remuneration policy

Being a Central Public Sector Enterprise, appointments,
tenure, performance evaluation, remuneration,
diversity, etc., of the Directors are made/fixed by the
Government of India.

Ministry of Corporate Affairs has exempted Government
companies from applicability of some of provisions/sections
of the Companies Act, 2013 vide notification dated June
5, 2015. As per the notification, the Nomination and
Remuneration Committee is not required to formulate the
criteria for appointment of Directors, their remuneration
policy and carrying out their performance evaluation. In
MOIL, being a Government Company, the appointment of
Directors and their performance evaluation are undertaken
by Administrative Ministry, i.e., Ministry of Steel,
Government of India. As such, performance evaluation
by the Board of its own performance, its committees and
individual Directors, are not applicable/required.

The remuneration of officers (executives) is fixed as per
Government guidelines on pay revision and remuneration
of non-executives is as per Wage Settlement Agreement
entered into with recognised Union. Appointments/
promotions, etc., of the employees are made as per
Recruitment and Promotion Policy approved by the Board.

(D) Directors’ Responsibility Statement

Your directors state that -

(i) In the preparation of financial statements, the
applicable accounting standards have been followed
and there are no material departures from the same,

(ii) They have selected such accounting policies and
applied them consistently and made judgments and
estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the
company as at 31^st March, 2025 and of the profit and
loss of the company for the year ended on that date,

(iii) They have taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the company and for
preventing and detecting frauds or other irregularities,

(iv) They have prepared the financial statements on a
going concern basis,

(v) They have laid down internal financial controls to
be followed by the company and that such internal
financial controls are adequate and were operating
effectively, and

(vi) They have devised proper systems to ensure
compliance with the provisions of all applicable laws
including applicable Secretarial Standards and that
such systems were adequate and operating effectively.

(10) DEVELOPMENT OF INFORMATION
TECHNOLOGY AND USAGE

The Company has set-up a full-fledged Systems Department
in order to ensure an effective computerization of all the
functional areas of the Company. In order to ensure an
adequate IT infrastructure, steps taken by the System
Department are as under:

• Installation of Computers and other IT equipment at
all its offices and mines/plants.

• Ethernet based Local Area Networks (LAN) on
Windows and Linux platform is in place at Head
Office, Nagpur and at all mines of the Company.

• For effective sharing of Applications, databases/
information and other resources at all the Mines
and HO are connected through MPLS VPN and VPN
over Leased line.

• For continuous knowledge acquisition, e-mailing and
for inter unit data transfer facilities, all the concerned
officials of Head Office have been provided with
internet connection through internet leased line
on OFC. All the mines are provided with leased line
internet connections on OFC.

• Procurement of goods and services through
e-procurement portal of MSTC to bring transparency
in procurement process.

• Implementation of ERP in the Company. In addition
to core modules viz. FICO, MM, SD, PP, PM, HRM of
SAP, the company has also implemented File Lifecycle
Management (FLM), Document Management System
and Employee Self Service Portal.

• Use of FLM for effective file tracking and reduction
in paper work.

• Implementation of Customer Portal, wherein
customers may access to various information
regarding prices, availability of material, at one place.

• Implementation of Vendor Invoice tracking system,
where vendors can upload their invoices online and
track the status of the same.

• Use of Video Conferencing for communication with
mines, Ministry and other agencies.

• Introduced digitalization in Board meeting as well as
Sub-Committee meetings by forwarding agenda notes
and related documents online.

• Implemented Structural Digital Database (SDD).

• Implementation of Complaint Handling System for
Vigilance Department

• Implementation of Production Reporting System,
where senior officials can monitor daily production
versus targets.

• Introduced a portal for MOIL Vendors to facilitate the
submission of invoice/ bill claims from anywhere. In
this regard, a mobile app is developed which is available
at Google Play Store and Apple App Store for free. The
same can also be accessed from MOIL's website www.
moil.nic.in. It enables vendors to track the movement
and status of the invoice. It is cross integrated with
SAP server and automatically share all required Work
Order data and Vendor master information.

• Implementation of Human Resource Information
System (HRIS) and Hospital Management
System(HMS) in SAP ERP.

• Implementation of Data Bank and Digitization Mining
Equipment Logbooks in SAP ERP.

• Implementation of the digitalization of the No Objection
Certificate (NOC) process in SAP ERP, enabling

automated clearance of dues for separating employees.

11) AWARDS AND ACCOLADES

MOIL is one of the public sector enterprises in the country
known for its continuous excellent performance. The
Company has been getting national /regional recognition for
its good work in various spheres of activities. The following
are some of recognitions received by the company and
its management:

• Chikla Mine awarded overall 1^st prize in underground
mines for Mines Environment and Mineral conservation
week under the aegis of IBM, Nagpur region.

• Chikla and Kandri mines honoured with the coveted
5-star ratings by the Indian Bureau of Mines (IBM) at
the Mines Safety Awards in New Delhi.

• Second prize to Gumgaon mine in the small metal
Below Ground category at the Mines Safety Award
2024 in Kolkata.

• Balaghat mine won Sustainable Mining Award
in Bhubaneswar.

• Ukwa Mine awarded overall 2^nd prize in underground
mines for Mines Environment and Mineral conservation
week under the aegis of IBM, Jabalpur region.

• Maharashtra State Best Employer Brand Award 2024
at the 19^th Employer Branding Awards, in Mumbai.

• Best Corporate Social Responsibility (CSR)
Practices Award at the Golden Globe Tigers Awards
2024 in Mumbai.

• Recognized for its technical use of the official language
by Vishwa Hindi Parishad at the International Hindi
Conference” in New Delhi.

• 1^st prize in Theory test, 2^nd prize in Fresh Air Base
Category and 2^nd Best Captain in Metal Category at
the 53^rd All India Mines Rescue Competition 2024.

• Parakh Quality Circle Team, Tirodi Mine and Avighna
Quality Circle Team, Balaghat Mine, won the prestigious
Gold Awards at 49^th International Convention on
Quality Circles (ICQCC 2024 in Colombo, Sri Lanka.
Further, Avighna QC and Parakh QC team won Super
Gold awards in case study presentations organised
by the Quality Circle Forum of India at Nagpur and
Gwalior Chapter.

• Five prestigious PRCI awards at the 18^th Global
Communication Conclave PRCI Awards in Mangalore.

• Governance Now 9^th India PSU IT Award in the 'Data
Centre Excellence' category at New Delhi.

• Awards for Social Media for PR & Branding,
Outstanding Initiatives for Promoting Medical &
Health and Corporate Website at the 46^th All India
Public Relations Conference.

• Governance Now awards in various categories like
CMD Leadership, HR Leadership, Excellence in
Learning & Development, Public Relations Campaign
Award at the 11^th PSU Awards.

• Prestigious awards at the 19^th Media Federation
Excellence Awards 2025, New Delhi.

• 14^th PRCI Excellence Award in the category of Website
and Microsite Award.

• CMD, Shri Ajit Kumar Saxena was conferred with the
Performance Excellence Award- Individual at the 24^th
CEOs Conference by the Indian Institution of Industrial

Engineering (IIIE) in Uttarakhand and was also honored
with the CEO of the Year and Lifetime Achievement
Award at the Golden Globe Tigers Awards 2024.

• Director Finance, Shri Rakesh Tumane was honoured
with multiple prestigious accolades in Mumbai in
2024 namely, the CFO Confex & Awards by GainSkills
Business Media Ltd., recognition among the “Top 50
Visionary CFOs in India” at the National Economic
Growth Summit, and the Most Innovative CFO Award
at the Silver Feather Awards.

• Director HR, Smt. Usha Singh was honoured with
two prestigious national awards in 2024 namely, the
CHRO PRIDE Award at the 24^th National Management
Summit by Top Rankers Management and the National
Star Women Achievers' Award for branding, PR & CC
activities by the Media Federation of India.

(12) POLICY AND DISCLOSURES

(A) Risk Management Policy

MOIL recognizes that risk is inherent to any business activity
and that managing risk effectively is critical to the immediate
and future success of the Company. The Risk Management
Policy of the company establishes a system which helps
in overseeing the risks, management of material business
risks and also helps in internal control of the company.
The identified risks are reviewed periodically along with
elements of risk, if any, which in the opinion of the Board
may threaten the existence of the company. The policy is
also uploaded in the company's website: https://moil.nic.in/
userfiles/file/InvRel/Risk Management Policy.pdf

(B) Vigil Mechanism

The Company has a Whistle Blower Policy and the same
is uploaded on its website https://moil.nic.in/userfiles/

file/InvRel/Whistle Blower Policy.pdf. The company
has a competent and independent vigilance department,
headed by Chief Vigilance Officer (CVO) for monitoring any
unethical behaviour, actual or suspected fraud or violation
of the company's code of conduct or ethics policy. All the
personnel are having the access to the vigilance department
for their complaints, grievances, etc. Vigil mechanism has
been established for Directors and employees to report
genuine concerns. The vigil mechanism provides for
adequate safeguards against victimization of persons who
use such mechanism for genuine concerns.

(C) Corporate Governance

The Company strives to attain highest standards of corporate
governance. Certificate of corporate governance is also
attached with the report, which is self-explanatory. There
is no qualification in the certificate except on Composition
of Board of Directors and Composition and Quorum of
Board Committees due to non-appointment of requisite
number of Independent Directors, during some parts of the
year. Being a Government Company, all the Directors are
appointed by the Government of India. The Board believes
that the Government of India will make appointment of
requisite number of Directors on the Board of MOIL.

A separate section on Corporate Governance forms part of
the Annual Report (Annexure-III).

(D) Management Discussion and Analysis and Business
Responsibility and Sustainability Report

Management Discussion and Analysis Report and Business
Responsibility and Sustainability Report form part of the
Annual Report (Annexure-IV and Annexure-V).

(E) Related Party Transactions

The Company has not entered into any materially significant
related party transactions that may have potential conflict
with the interests of the company at large. Nonetheless,
transactions with related parties have been disclosed
in Point No. 3.10 & 3.11 of Note No. 3 of notes to the
accounts. Hence, no disclosure is made in form AOC-2 as
required in Section 134(3) read with Rule 8 of Companies
(Accounts) Rules, 2014. The Company has Related Party
Transaction Policy and the same is uploaded in its website:
https://moil.nic.in/userfiles/file/InvRel/RPT Policy.pdf

(F) Procurement as per Micro, Small and Medium Enterprises
Development (MSMED) Act, 2006 and GeM

As per requirement of Micro, Small and Medium Enterprises
Development (MSMED) Act 2006 and notifications issued
by Central Government in this regard, PSUs are required to
purchase minimum 25% of total annual purchase of products
produced and services rendered by MSEs. It further requires
that 4% out of 25% shall be earmarked for procurement

from MSEs owned by Scheduled Castes or Scheduled
Tribe entrepreneurs, 3% of which shall be earmarked for
procurement from MSEs owned by women. It also requires the
PSUs to report goals set with respect to aforesaid procurement
and disclose achievement made in its annual report.

Total procurement of goods and services during 2024¬
25 has been at H 506.10 crore out of which value of
goods & services procured from MSEs (including MSEs
owned by scheduled castes or scheduled tribes or women
entrepreneurs) is H 343.16 crore which amounts to 67.80%
of total annual procurement as tabulated below:

Thus, the company is complying with requirement of Micro,
Small and Medium Enterprises Development (MSMED)
Act 2006 with respect to minimum purchases from MSE
firms. For FY 2025-26, MOIL has a goal to procure products
produced /services rendered by MSMEs as mentioned in
the first para above.

MOIL's total procurement through the open tender during
FY 2024-25 was H 506.10 crore. Out of this, procurement
through Government e-Market (GeM) portal was
H 495.32 crore.

(G) Memorandum of Understanding (MoU) with Ministry
of Steel

MOIL has been signing MoU with Ministry of Steel since
more than 25 years. The MoU sets the various targets and
parameters of annual performance, which are assessed
against actual achievements. Since 1995-96 when MOIL
started signing the MoU, it has been getting rating excellent
except for a few years due to worst/poor market conditions.
The rating for the year 2023-24 was very good. The rating
for 2024-25 is not yet finalised. Continuing the practice,
MOIL is in the process of signing MoU with the Ministry of
Steel for the year 2025-26 also.

(13) AUDITS AND AUDITORS

(A) Statutory Auditors and CAG

In terms of Section 143 (5) of the Companies Act, 2013
M/s TACS & Co., Chartered Accountants, Nagpur have
been appointed by the Comptroller & Auditor General of
India (CAG) as statutory auditors of the Company for the
year 2024-25. There is no fraud reported by auditors of
the company under sub-section (12) of section 143 of the
Act. Please refer point no. (xi) of the Annexure C of the
Statutory Auditors report. The statutory auditors' report is
attached, which is self-explanatory. There is no qualification
in the auditors' report. CAG has issued a certificate/letter
stating that there are no comments to supplement statutory
auditors' report for the year 2024-25. The comment/letter
of the CAG forms part of this Board Report.

(B) Secretarial auditors

The Board had appointed M/s Joshi & Joshi, Practicing
Company Secretaries, Pune (Maharashtra) as secretarial
auditors for 2024-25. Their report is enclosed herewith,
which is self-explanatory. There is one observation
in the Secretarial audit report related to composition
of Board of the company and its committees. Being a
Government Company, all Directors are appointed by the
Government of India. Accordingly, Government of India
will make appointment of requisite number of directors on
the Board of MOIL.

(C) Cost audit

The Company is required to maintain cost records as
specified by the Central Government under sub-section (1)
of section 148 of the Companies Act, 2013. Accordingly,
such accounts and records are made and maintained. M/s
Ujwal P. Loya & Co., Cost Accountant Nagpur have been
appointed as the cost auditor of the Company to conduct
audit of cost accounting records maintained by the Company
for the year ended 31^st March, 2025. The due date for filing
the Cost Audit Reports for the said year is 27^th September,
2025, if not extended by the Government. The report will
be submitted within prescribed time limit. The Cost Audit
Report and Compliance Report for the year 2023-24 were
filed within the time limit, as prescribed by the Ministry of
Corporate Affairs.

(14) DETAILS OF SHARES IN SUSPENSE ACCOUNT
AND SHARES/DIVIDEND TRANSFERRED
TO IEPF

(A) There was no share in suspense account as on 31^st
March 2024 and 31^st March, 2025. Hence, information in
this regard is NIL.

(B) The details of unpaid/unclaimed dividend amount and
shares transferred to Investor Education and Protection
Fund (IEPF) account during 2024-25 are as under.

Details of the resultant benefits (i.e. Dividend after TDS)
arising out of shares already transferred to the IEPF
account are as under.

The details of unpaid/unclaimed dividend and corresponding

shares are available at web link https://moil.nic.in/unpaid-

ipo-dividend/164/Unpaid%20IPO%20Dividend.

(15) OTHER DISCLOSURES:

(i) Particulars with respect to R&D and technology
absorption, etc.: Particulars as required under the
provisions of Section 134(3) (m) of the Companies
Act, 2013 read with the Companies (Accounts) Rules,
2014, forming part of this report, are enclosed as
Annexure-I to this report.

(ii) Change in the nature of business: There is no
change in the nature of the business of the Company
during the year.

(iii) The names of companies which have become or
ceased to be its Subsidiaries, joint ventures or
associate companies: There was no such companies
which have become or ceased to be Subsidiaries, joint
ventures or associate companies during the year.

(iv) Foreign Exchange earnings and outgo:

Foreign Exchange Earnings : NIL
Foreign Exchange Outgo : H 0.19 crore

(v) Particulars of employees: The provisions of Section 197
of the Companies Act and the relevant Rules regarding
particulars of employees drawing remuneration in excess
of the limits specified are exempted for Government
Company, in view of the Gazette Notification No. G.S.R.
463 (E) dated June 5, 2015 issued by the Ministry of
Corporate Affairs, Government of India.

(vi) Deposits: During the year under review, MOIL has not
accepted any deposits as provided under the Act.

(vii) Loans, guarantees and investments: There are no
loans, guarantees and investments, as provided under
section 186 of the Act.

(viii) Composition of Audit Committee: The details
regarding composition of Audit Committee are
mentioned in Clause No. 3.1(A) of the Corporate
Governance Report which is a part of this Report.

(ix) Number of meetings of the Board: Total five (5) Board
meetings held during the year. Further details in this
respect are given in Clause No. 2.2 of the Corporate
Governance Report which is a part of this Report.

(x) Copy of Annual Return: Pursuant to section 92(3)
of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules,
2014, copy of the Annual Return for FY ended on 31^st

March, 2025 is placed on the website of the Company
at https://www.moil.nic.in/userfiles/file/InvRel/annual-
return-2024-25.pdf.

(xi) Material Changes and Commitments if any, affecting
the financial position of the Company: There were
no material changes and commitments affecting
the financial position of the Company which have
occurred between the end of the financial year
and the date of this Report except enumerated
elsewhere in the report.

(xii) Significant and material orders passed by the
Regulators or Courts or Tribunal:

There are no significant and material orders passed by
the regulators or courts or tribunals impacting the going
concern status and company's operations in future.

(xiii) Disclosure regarding application made or any
proceeding pending under the Insolvency and
Bankruptcy Code, during the year 2024-25 is
not applicable.

(xiv) Disclosure regarding one-time settlement of
loans by the company, during the year 2024-25 is
not applicable.

1

Total 54 periodic, 19 surprise inspections and 6 Chief

2

Technical Examiners (CTE) type inspections.